Ask Experts Questions for FREE Help !
Ask
    desmar2's Avatar
    desmar2 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Oct 30, 2008, 11:42 AM
    Arizona Estate Tax
    Are Cd's with POD designations taxable under Arizona Estate Tax Law?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Oct 30, 2008, 11:57 AM
    Depends! What is POD?
    desmar2's Avatar
    desmar2 Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Oct 30, 2008, 12:49 PM
    Quote Originally Posted by AtlantaTaxExpert View Post
    Depends! What is POD?
    "Payable On Death"
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Oct 30, 2008, 01:09 PM
    That's what I thought; just wanted confirmation.

    The funds in the CD STILL belong to the decedent and hence are STILL part of his/her estate. The fact that they transfer to the beneficiary upon death does not change that fact; it just makes the CDs NOT subject to probate.

    This being the case, the executor would still have to include the CD amounts as part of the estate.

    The Arizona Estate Law follows the same guidelines as federal estate law, in that the first $2M of the estate is EXEMPT from taxation.

    Hence, if the estate's total value, including the CDs, is less than $2 million, you have nothing to worry about.

    A phone call to the Arizona Department of Revenue will confirm this for you.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Lien in Arizona [ 3 Answers ]

I would like to apply a lien on vehicle property in Arizona. Not actually a vehicle although considered one in Arizona. Is registered as a vehicle every year. A Park model, what is the process to achieve this. Someone there owes me a lot of money. I am from California

Filing a lien from Arizona to Illinois against real estate [ 1 Answers ]

My brother who lives in Illinois has fallen on hard times and is without work. I live in Arizona and have been assisting him financially ($30,000) by using my kids college education money. I would like to file a lien on his property that is currently for sale so I can guarantee my return. He...

Raising in Arizona [ 1 Answers ]

I was wondering if anyone knew the name of the song in Raising in Arizona when Felicity is telling Noel about Ben getting Lauren pregnant and Ben walks in on them. Thanks so much:)

Problems with Executor of Estate not signing sales contract for real estate [ 4 Answers ]

My sister and I are the beneficiaries of our mothers will. She died when I was 17 and left my sister and I half of her estate, and named her doctor as the executor. I am now 22 and my sister is 20 (21 next month). We all agreed (verbally) to sell the family house to our father for $125k. He...

View more questions Search